In Against the Gods, the best-seller about the history of measuring risk, author Peter Bernstein writes that the difference between modern times and the past is the “mastery” of risk. Understanding, weighing and acting on risk is a fundamental task for chief executives.

Interstate conflict, or war, received the highest scores in both likelihood and impact as compared to any other geopolitical risk, and outpaced all economic risks, including energy price shock, fiscal crises and un- or underemployment.

The growing U.S. economy and plunging gasoline prices suggest that American consumers should be helping things out by loosening their pocketbooks. But savvy CEOs are hedging their bets on a return of the robustly spending shopper anytime soon, and for good reason.

Business leaders have used a variety of strategies in recent months to generate cost efficiencies and remain competitive. One that hasn’t gotten as much play, but can be equally as lucrative, is merging with a nimble, entrepreneurially-minded company.

It’s time for the annual budget game. You know the drill. Ask for twice as much as you need so you’ll get enough. Hide some “fat” that you can cut when ordered to trim down. Then spend your full allocation because if you don’t, next year’s budget may be reduced.

In a study that focused on how chief executives capitalize on their relationships, CEOs with the strongest personal networks initiated more mergers and acquisitions than their less connected peers, at the same time producing relatively fewer deals that benefited the companies and investors involved, according to a study by the University of Arkansas.